In an interesting move, the token that remained less active when the other tokens soared, Cardano, is among the top gainers for the day. With a nearly 25% rise in the past 24 hours, the token has led the list with a massive rise of over 135% in volume, marking over a billion. Bitcoin has displayed a tremendous run from $29,000 to the current levels, and hence it seems that a potential shift of attention from the star crypto to the altcoins may be a major reason for the surge.
Besides, the recent rise also does flash the possibility of a bull trap, as the BTC price has slowed down its momentum for a while, which may pave the way for Ethereum and altcoins to propel high. This may further push the BTC price towards $50,000 as the FUD trap appears to have been laid down. With this, the social dominance of some of the popular altcoins like ADA, SOL, and OP has surged, although BTC dominance is also on the rise.
The above data from Santiment shows that market participants have turned optimistic about altcoins, specifically Cardano, Solana, and Optimism. With a massive rise in their prices, the social discussions also hit a 2-month high, indicating the FOMO kicking in. Hence, the upcoming days can be considered pretty crucial, as the fear of FOMO also carries a huge possibility of rejection after hitting the pivotal levels.
Currently, the Cardano (ADA) price has printed one of the biggest bullish candles of the year, lifting the price from $0.392 to $0.58. With this, the token is testing the pivotal resistance, and a breach through these levels may further ascertain a rise from the bearish claws. The price also appears to have accomplished a double-bottom pattern and hence the probability of a bullish breakout looms over the ADA price. Alongside, many other altcoins are also displaying a similar pattern, and hence it can be said that the markets are in the early phase of a huge altseason.
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